The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December $31,2020$:

Beginning balances were: Cash, $$93,000$; Taxes Receivable, $$189,500$; Accounts Payable, $$52,250$; and Fund Balance, $$230,250.$

The budget was passed. Estimated revenues amounted to $$1,230,000$ and appropriations totaled $$1,227,400.$ All expenditures are classified as General Government.

Property taxes were levied in the amount of $$915,000.$ All of the taxes are expected to be collected before February $2021.$

Cash receipts totaled $$885,000$ for property taxes and $$297,500$ from other revenue.

Contracts were issued for contracted services in the amount of $$95,250.$

Contracted services were performed relating to $$85,500$ of the contracts with invoices amounting to $$83,900.$

Other expenditures amounted to $$963,500.$

Accounts payable were paid in the amount of $$1,092,500.$

The books were closed.

Required:

a$.$ Prepare journal entries for the above transactions.

b$.$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.

c$.$ Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

Required C

Prepare journal entries for the above transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

$\backslash$table$[[$No$,$Transaction,,,Debit,Credit$],[1,01,$No Joumal Entry Required,$0,,],[2,02,$Estimated Reverues,$0,1,230,000,],[,$Appropriations,$2,,1,227,400$

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December $31,2020$:

Beginning balances were: Cash, $$93,000$; Taxes Receivable, $$189,500$; Accounts Payable, $$52,250$; and Fund Balance, $$230,250.$

The budget was passed. Estimated revenues amounted to $$1,230,000$ and appropriations totaled $$1,227,400.$ All expenditures are classified as General Government.

Property taxes were levied in the amount of $$915,000.$ All of the taxes are expected to be collected before February $2021.$

Cash receipts totaled $$885,000$ for property taxes and $$297,500$ from other revenue.

Contracts were issued for contracted services in the amount of $$95,250.$

Contracted services were performed relating to $$85,500$ of the contracts with invoices amounting to $$83,900.$

Other expenditures amounted to $$963,500.$

Accounts payable were paid in the amount of $$1,092,500.$

The books were closed.

Required:

a$.$ Prepare journal entries for the above transactions.

b$.$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.

c$.$ Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

Complete this question by entering your answers in the tabs below.

Required C

Prepare journal entries for the above transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

$\backslash$table$[[$No$,$Transaction,,,Debit,Credit$],[1,01,$No Joumal Entry Required,$,,],[2,02,$Estimated Revenues,

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$\backslash$table$[[2,02,$Estimated Revenues,$0,1,230,000,],[,,$Appropriations,$0,,1,227,4000,1,230,000,],[,$Appropriations,$2,,1,227,400$